Florida gas prices slipped a bit last week, could rise soon
TAMPA - Florida gas prices slipped a couple of cents last week but could get more expensive soon, as global supply concerns caused oil prices to rise again last week.
Gas prices averaged $3.56 per gallon on Sunday. The state average is 2 cents less than the 2023 high of $3.58 per gallon and 44 cents less than this time last year, when drivers paid $4.00 a gallon for regular unleaded.
The most expensive metro markets for gas are West Palm Beach-Boca Raton ($3.74), Miami ($3.65), and Fort Lauderdale ($3.63). The cheapest metro markets are all in the panhandle: Panama City ($3.44), Crestview-Fort Walton Beach ($3.44), Pensacola ($3.46)
Crude prices rose last week on the belief that easing U.S. inflation could lessen the pressure on the Federal Reserve to raise interest rates, which could ultimately be bullish for gasoline demand. Also propping up prices is a report from the International Energy Agency which forecasts global fuel supplies may not be able to keep pace with global fuel demand, due to OPEC's decision to cut oil production by more than 1 million barrels per day starting next month.
Last week's historic flooding led to fuel delivery delays to various gas stations. The flooding interrupted operations at fuel terminals in Port Everglades, which is the hub for about 40% of the gasoline that sails into the state. To offset the shortage, gasoline was brought in from Port Canaveral, Tampa, and Orlando. The good news is that operations have reportedly been restored at the port and gas supplies in the region should return to normal very soon. It's just a matter of filling the trucks at the terminals and delivering the fuel to the gas stations that need it.
